The Argentina international has been heavily linked with a switch to the Premier League in recent months after a string of impressive performances in Serie A.
Dybala has caught the eye of Serie A champions Juventus after the forward scored 12 goals and made seven assists in 27 top-flight appearances this season.
Palermo owner Zamparini claimed that Arsenal and Juventus have already made offers for their prized asset, but reiterated the Italian club want at least £29m for Dybala.
“Juventus and Arsenal have made offers for Dybala,” Zamparini told Radio Marte.
“His agent will be in Italy on Friday. I want more than €40 million [£29m] for him.
“Dybala would rather stay in Italy but, from the English sides, Arsenal are his first choice because of how Wenger’s team plays.”
Dybala has been in excellent form for Palermo this season, racking up 2,335 minutes of top-flight action this term.
He joined Palermo from Argentine side Instituto back in 2012 and has made 82 league appearances for the Italian side.
Dybala is still waiting to receive his first call-up to the Argentina squad after his impressive form for Palermo.
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